New alliance between Bank of Queensland and MBF

Bank of Queensland has linked up with Australia’s largest private health fund, MBF.

The bank and the fund will offer services and products to each other’s customers under a memorandum of understanding.

MBF has member service centres at four Bank of Queensland branches in Queensland and they plan to roll out more centres throughout the State, mainly in provincial areas.

It was the fifth national alliance announced this year by the regional bank, which hopes to at least double its seven per cent market share in Queensland within five years.

Both parties benefit from the alliance with significant increases to their client base. BOQ has 220,000 customers while MBF has 650,000 memberships covering 1.4 million people in Australia, of which 250,000 memberships covering 500,000 people are in Queensland.

BOQ is the only financial institution that has an alignment with a health cover provider.